Badger Explorer ASA Establishes a New Employee Option Programme

As announced in the 1H 2009 Report the Board of Directors of Badger Explorer ASA has today, 15 September 2009, agreed to replace and expand the Company's option programme and offer all employees a total of 406,750 share options, corresponding to 2.21% of the outstanding shares, at a strike of NOK 10.00. The following primary insiders will be offered: CEO Kjell Erik Drevdal: 75,000 share options Project Manager David Gardner: 60,000 share options CFO Gunnar Dolven: 25,000 share options CTO Erling Woods: 25,000 share options Sr. VP Business Dev. & Strategy Kjell Markman: 25,000 share options Remaining employees: Number of options as a function of salary level The options can be exercised within 36 months from the time of issue and can be exercised only in tranches, at the earliest 12 months subsequent to the time of issue and thereafter at up to 4 occasions during each year, between 3 and 10 days after presentation of the Company's quarterly results. Upon exercise of the options, the option holder shall pay to the Company a price of NOK 10.00 per option share. Subsequent to the exercise of the options, the issuance of shares to the option holders shall take place through an increase of the share capital by the Board of Directors pursuant to the authority granted by the Company's Annual General Meeting, held on 24 April 2009. For further information, please contact: Kjell Erik Drevdal, CEO, +47 916 43 552 Gunnar Dolven, CFO, +47 908 53 168 About Badger Explorer ASA Badger Explorer ASA is developing a revolutionary method for exploration and verification of oil and gas prospects, called Badger Explorer. Badger Explorer drills down and buries itself in the underground, equipped with numerous sensors, which measure and register vital formation and physical data. The method provides a substantially lower risk, cost and complex operation compared to utilising an expensive conventional drilling rig. The crushed formation cuttings are transported through the tool, deposited and compressed in the void behind the unit. Potential excess volume is injected into fractures generated by Badger Explorer. The unit is connected to a combined power and signal cable which again is connected to the surface. The unit is powered by electricity and transmits data signals to the surface through the cable.

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Hunter Group ASA is a publicly traded investment company listed on the Oslo Axess. Hunter Group currently has 7 high spec VLCC's with scrubbers under construction at DSME in Korea.